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Most entrepreneurs have some idea of how important it is to
choose the right legal entity for their business, but they may be
unaware of the implications for their personal
finances. Let's say you want to start a company, but you know
it won't make any money in its first year. Many states, including
California, would force you to pay a minimum tax out of your
personal finances to cover your business obligation that year.

If you organize your business as a sole proprietorship, on the
other hand, you won't have to pay a minimum tax, but you can be
held personally liable for business debts. This is just one
possible scenario. Look into your state's laws regarding business
entities and, if necessary, speak with an accountant before
locking yourself into a structure that isn't ideal. More: 6
Things About Money You May Not Think About -- But
Should

Tap into your emotions.
Don't let yourself get trapped behind "the veil of the
professional role" which demands a buttoned-up reserve, says
performance coach Achim Nowak. When you need to inspire your
employees or clients, act as you do around your friends and
family. In other words, act like a human being and let your
emotions show. More: How to Be
a More Charismatic Leader

Tone your body to hone your brain.
If you struggle to find time for exercise outside of work, find
ways to get your blood pumping during office hours: Get a
treadmill desk or begin riding a bike to appointments, for
example. "The most important thing for maintaining brain function
is physical condition," neuroscientist Richard Restak says.
More: Easy Shortcuts to Make
You Smarter

Make your financial goals specific and
measurable.
Vague goals to increase revenue and cut costs will get you
nowhere. Financial planner Rick Rodgers recommends choosing what
you think are the three most important statistics for your
company, setting specific, achievable goals for them and then
tracking your progress throughout the year. More:
How to
Change the Financial Future of Your Business

Build employee loyalty to reduce business
costs.
Perhaps the best cost-saving measure you could implement is to
inspire more loyalty in your employees. Giving them flexibility
and individual attention will help them to feel fulfilled, and in
return they will work harder and waste less, says Diane Bergeron,
an assistant professor of management at Case Western in
Cleveland. Loyalty helps with talent retention too: "As in any
relationship, if you get what you need, you're more likely to
stay." More: Methods for Building
Employee Loyalty